1099-K $600 threshold DELAY: Will personal transactions be taxed?!

The new $600 1099-K threshold is going to be a giant mess. BUT just 1 week before the new year, the IRS announced that the change that the new threshold won't take effect until 2023...at which point it will still be a giant mess. Learn how to make sure that your personal transactions don't end up getting taxed on your tax return this year! Reseller Tax Academy SALE: https://forms.gle/uxAysnP4iWetYSiUA My first 1099-K video:    • New 1099K thresholds! The IRS will now kno...   1) SUBSCRIBE to learn how to get a handle on your business!    / @notyourdadscpa   2) FREE GUIDE: "Business Starter Guide for Resellers" https://notyourdadscpa.com/business-s... 3) COME JOIN THE FREE GROUP! Accounting for Online Sellers free Facebook group:   / accountingforsellers   4) READY TO DITCH THE TAX ANXIETY? Reseller Tax Academy: https://www.resellertaxacademy.com/ Bookkeeping Basics for Resellers: https://notyourdadscpa.com/bookkeepin... Reseller Finance eBook: https://notyourdadscpa.com/reseller-f... 5) LET'S CONNECT! Follow for tips on Instagram!   / notyourdadscpa   Facebook:   / notyourdadscpa   Website: https://www.notyourdadscpa.com 6) NEED TAX HELP? Join my signup list here: https://notyourdadscpa.com/tax-season/ TIMESTAMPS: 00:00 - Introduction 01:44 - Taxable income and new 1099-K thresholds 02:08 - Old vs. new reporting thresholds 02:32 - IRS follow-up if threshold is not met 02:39 - Personal transactions and 1099-K reporting 03:08 - Handling personal vs. business transactions 03:34 - PayPal transaction designations 04:25 - Legal implications of misreporting 05:08 - Venmo reporting for personal and business accounts 05:44 - Cash App reporting rules 06:03 - Zelle reporting and its tax implications 07:16 - How to handle incorrect 1099-K reports 07:35 - Options if personal transactions are reported as business 09:16 - Simplest way to handle incorrect 1099-K reporting